Mon, 26 Feb 2018 | BUSINESS SALE
Standard Life Aberdeen (SLA) has revealed it is selling its insurance arm to Phoenix Group for GBP3.2bn.
The firm is now focusing purely on asset management and the sale to Phoenix marks the end of a long transition period. The sale follows last year’s merger between Standard Life and Aberdeen Asset Management, which onlookers saw as a signal that Standard Life’s insurance business would be sold off.
Commentators claim that the fact that the buyer is Phoenix has come as somewhat of a surprise following initial interest from Lloyds, who were going to join its Scottish Widows brand with Standard Life’s insurance arm. However, that deal fell apart when neither side could agree on the terms. A by-product of that disagreement is that SLA is no longer to manage the GBP109bn of Scottish Widows assets it currently has on its books.
Keith Skeoch, co-chief executive of SLA, said that the Phoenix deal “completes our transformation from a capital-heavy insurance business.” The cash and shares purchase is also part of a much bigger arrangement that will see SLA’s smaller rival entrust SLA with billions of pounds for it to manage.
Clive Bannister, Phoenix’s chief executive called the deal a “game changer,” adding: “This is ginormous for us.”
This well-established facilities management business in London, specialising in cleaning, maintenance, and security services, offers a unique opportunity with multi-year service agreements ensuring predictable recurring income. This opportunity prese...
This thriving value added meat company, prominently featured in major retailers like Tesco and Sainsbury's, boasts impressive growth with sales projected to more than double by 2026. The business has shown remarkable growth and we are poised to incre...
This London-based health and beauty dropshipping store presents a remarkable opportunity with its fully responsive website, a strong emphasis on eco-friendly products, and a mission to protect bees, setting it apart in the market. The sale of the bus...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.